Floyd County Property Taxes
The median property tax rate in Floyd County is 2.66%, which is significantly higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Floyd County, the typical annual property tax bill reaches $983, which is below the national median of $2,690. Property taxes in Floyd County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Floyd County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Floydada or another part of Floyd County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Floyd County Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
Ownwell’s Floyd County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Floyd County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Floyd County to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Floyd County, Texas
Property taxes in Floyd County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Floyd County is 2.66%, which is higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Floyd County set these rates annually, and they can vary significantly between different areas within the county. Each year, Floyd County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Floyd County's effective property tax rate with other counties in Texas and the national median. For comparison, the city of Lockney has one of the higher property tax rates in Texas at 2.84%, while the city of Flomot boasts one of the lowest at 1.54%. Analyzing how Floyd County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Floyd County Tax Rate
2.66%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Floyd County, Texas
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Flomot | 1.54% | 1.54% | 1.54% | 1.54% | 1.54% |
| Floydada | 1.82% | 2.00% | 2.62% | 2.66% | 2.66% |
| Lockney | 2.24% | 2.72% | 2.84% | 2.84% | 2.84% |
| Petersburg | 1.55% | 1.87% | 2.13% | 2.13% | 2.13% |
| Quitaque | 1.72% | 1.72% | 1.72% | 1.72% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Floyd County, Texas
In Floyd County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Floyd County Appraisal District. The assessed value, however, is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices in Floyd County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Petersburg has the highest median tax bill at $1,413, while Quitaque has the lowest at $497. Being aware of these valuation processes in Floyd County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Floyd County Assessed Value
$41,590
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Floyd County, Texas
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Flomot | $28,554 | $30,870 | $34,730 | $46,335 | $53,298 |
| Floydada | $6,806 | $20,998 | $42,025 | $77,025 | $119,309 |
| Lockney | $7,810 | $22,150 | $40,590 | $71,410 | $110,370 |
| Petersburg | $39,182 | $56,835 | $69,668 | $74,980 | $80,970 |
| Quitaque | $16,544 | $17,720 | $28,920 | $52,800 | $74,550 |
Source: Ownwell
Property Tax Bills Across Floyd County, Texas
In Floyd County, TX, property tax bills are determined by multiplying the assessed value of a home by the local property tax rate. The assessed value is based on the market value, which can fluctuate with real estate trends. Homeowners in Floyd County experience a range of tax bills, with the 25th percentile paying around $518 and the 75th percentile facing bills up to $1,740. At the 90th percentile, tax bills can reach as high as $2,804. Several factors influence the final tax bill, including the property's assessed value and the specific tax rates imposed by local taxing authorities such as school districts, municipalities, and special districts. For example, in the city of Petersburg, the highest median tax bill is $1,413, while in Quitaque, it is considerably lower at $497. Understanding these factors is crucial for homeowners, as property taxes can significantly impact annual expenses. Comparing these figures to the national median property tax rate of 0.99% offers perspective on how Floyd County's rates align with broader trends.
Average Floyd County Tax Bill
$983
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690